Tips To Buying An Online Motor Insurance Policy
Motor insurance is one of the fastest growing sectors of the insurance industry in India
. The simplest and easiest way to get one is to buy motor insurance online. Almost all companies in India offer a vehicle cover which protects your vehicle for a certain number of risks. These policies also have a personal accident rider attached to them which cover the driver of the vehicle.Buying a motor insurance policy is compulsory and almost all auto manufacturers have tied up with the companies and offer a protection plan for car for a year which is bundled into the cost of the vehicle. The car assurance policies in India have a maximum validity of one year have to be renewed on an annual basis.
Before you buy any motor insurance online, its a good idea to read up the terms and condition carefully. Choose a policy that suits your needs and do not necessarily go for the cheapest policy as it could end up with you not having adequate cover when you actually need it.
All Insurance companies in India are regulated by the IRDA (Insurance Regulatory and Development Authority). Check if the policy that you are opting for is sanctioned by the IRDA. Their website also lists some information about the companies which could help you make your decision. The IRDA website hosts a section which show the companies claims settlement ratio. The Claims settlement ratio (CSR) is nothing but the percentage of claims that the company pays. Opt for a company that has a high CSR as this will ensure that will receive your money when you submit a claim.
Today there a host of companies that offer various types of motor insurance and the common man is confused which policy to opt for. In this case go online and logon to third party websites which will give a clearer picture of the policies available. Some sites even have calculators that will tell how much premium you will have to pay. These sites also double up as cover sales sites and will connect you to the companies directly as well.
Another good idea when buying motor insurance online is to use these third party insurance rating websites to compare the prices and features of various policies. This will ensure that you get the best deal and coverage. Motor insurance is a very simple product to obtain and all insurance companies have begun to sell these policies online through their websites. They offer huge discounts to customers who opt for the online mode of policy subscription and you can use this to save some big bucks. If after doing all this you are still confused then its a good idea to find a reputable insurance advisor who will be able to guide to buying the right motor insurance policy. Insurance advisors are not employed by insurance companies and hence they are not prone to selling or pushing a particular insurance companys products. They get a commission on an independent basis.
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